There is a false argument that taxes should be progressive. The idea is that there should be higher rates for higher earners, but no one explains why that is so. Once you question the validity of that premise, you come up with this. The untalked about point in the argument in raising the debt ceiling is that raising rates on the rich will not provide enough revenue to cover the deficit in government spending. In fact, as has been noted often enough, taxing all the billionaires and millionaires 100% of their income will only cover the deficit for one year. How many of the people hit with 100% tax be back to work the next year? And when they do, what happens to the jobs that they used to pay, or the goods they bought, who will buy them now?
No, raising taxes on only one segment of the society is not about "revenue enhancements." It's all about wealth redistribution, pure and simple. If our leaders were serious about the deficit, they would impose a flat tax, but what they really want is to reward their friends and punish their enemies.
But if you do believe in progressive tax rates, could you tell me what the maximum rate could be? And what do you think happens to people when the rate is imposed? How much of their efforts that had gone to creating wealth are now directed at tax avoidance schemes? And why is that better?